Advertisement
Applied Industrial Narrows FY24 Adj. EPS Outlook Range; Q2 Results Top Estimates
(RTTNews) - While reporting financial results for the second quarter on Thursday, Applied Industrial Technologies Inc. (AIT) narrowed its adjusted earnings guidance range for the full-year 2024, while trimming annual sales growth outlook.
For fiscal 2024, the company now projects adjusted earnings in a range of $9.35 to $9.70 per share on sales growth 1 to 3 percent.
Previously, the company expected adjusted earnings in the range of $9.25 to $9.80 per share on sales growth 1 to 4 percent.
On average, three analysts polled by Thomson Reuters expect the company to report earnings of $9.48 per share on revenue growth of 2.3 percent to $4.52 billion for the year. Analysts' estimates typically exclude special items.
For the second quarter, the company reported net income of $91.23 million or $2.32 per share, higher than $80.46 million or $2.05 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter were $2.24 per share.
Net sales for the quarter increased 1.6 percent to $1.08 billion from $1.06 billion in the same quarter last year. Excluding acquisitions and foreign currency translation effects, sales edged down 0.1 percent on an organic basis.
The Street was looking for earnings of $2.11 per share on revenues of $1.06 billion for the quarter.
The Company also announced that its Board of Directors approved a 6 percent increase in the quarterly cash dividend to $0.37 per common share, payable on February 29, 2024, to shareholders of record on February 15, 2024.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
Applied Industrial Boosts FY23 Outlook As Q3 Results Top Estimates
European Economic News Preview: Eurozone Sentix Investor Confidence Due
European Shares Seen Tad Higher At Open
Sensex, Nifty Give Up Early Gains; IT And Pharma Stocks Drag
Australian Market Extends Early Losses In Mid-market
Asian Markets Trade Mixed
Sensex, Nifty Seen Tad Higher At Open
